Elena
04 Dec, 2001
New York City
U.S. market averages started trading higher Monday morning, despite a steep decline by the shares of Pfizer. The drugmaker''s decision to halt development of a key drug generated negative sentiment in pre-opening hours, but series of takeover deals managed to offset the negative mood. Chipmaker LSI Logic fell 12% after it agreed to buy Agere Systems in an all-stock deal worth around $4 billion. Shares of Bank of New York jumped 8.8% after it agreed to takeover Mellon Financial which rose 4%.
Ivaylo
04 Dec, 2006
New York City
It is all about the food producers today after Branston pickles to Sarsons vinegar group Premier Foods agreed a recommended offer for Hovis owner RHM. Several other food companies gained following the announcement including Northern Foods and Cadbury Schweppes. Cadbury Schweppes and Cairn Energy lead the FTSE 100 advancers. Both are being buoyed by vague bid talk. The FTSE 100 rose 8.8 points, or 0.1%, at 6,029.7 at mid-day on Monday.
Elena
04 Dec, 2006
New York City
U.S. stock futures declined, hurt by weakness in Pfizer shares. Pfizer dropped 14% in pre-market trading as the drugmaker said it halted the development of cholesterol drug torcetrapib because of deaths and cardiovascular problems in patients using it. A downgrade by Leman Brothers followed the news. Bank stocks were also in focus after Bank of NY agreed to buy Mellon Financial to become the world''s largest financial assets service company.
Elena
04 Dec, 2006
New York City
The combined company will be the world''s biggest asset custodian and corporate trustee with $16.6 trillion in assets under custody and $8 billion in assets under trusteeship. It will also be a top ten global asset manager with $1.1 trillion of assets under management. It will be called Bank of New York Mellon Corp. The deal is expected to complete in Q3 of 2007.
Ivaylo
04 Dec, 2006
New York City
Asian markets finished mixed on Monday, with the Nikkei 225 in Japan retreating as a strong yen hurt shares of exporters, while Hong Kong benchmark index edged higher on gains by Chinese banks. In South Korea shares fell on U.S. market losses as disappointing U.S. economic data released on Friday. Taiwan rose for the fourth session in row while Australia fell after data released Monday showed Australian new home building approvals dropped in October.
Ivaylo
04 Dec, 2001
New York City
European shares traded higher on Monday morning, with a slight strengthening of the U.S. dollar and resurgence in deal making across Europe. French heavy engineer Alstom was one of the biggest gainers after Bouygues, the construction and telecoms group, revealed late last week it had raised its stake in the power station builder, prompting speculation about a full takeover. By mid morning, FTSE 100 in London climbed 0.5%, Frankfurt Xetra Dax added 0.4%, and the CAC 40 in Paris gained 0.4%.
Ivaylo
04 Dec, 2006
New York City
A little profit-taking was seen on the market. This was occurring toward the end of a week when gold and silver had made big upward moves. Much of the activity was speculative in nature. Silver generally found more buying from funds and speculators than other metals lately. Obviously, a lower dollar helped support silver prices. Crude oil futures settled higher as well as Arabica coffee.
123jump.com Staff
01 Dec, 2006
New York City
Market averages opened on a positive tone but came under heavys selling pressure after the release of manufacturing and construction activity reports. A survey of manufacturing activity reported shriking base and construction was reported 1% lower according to Commerce Department. Market averages tumbled quickly close to 1% and recovered in the last fifteen minutes of trading. GM, Toyota and Chrysler reported rising November month sales but Ford sales tumbled 9.6% to the fourth spot.
123jump.com Staff
01 Dec, 2006
New York City
European markets closed lower across the region led by France, Spain and Germany. A survey on Euro-wide manufacturing from Royal Bank of Scotland showed widening manufacturing activity in the region and unemployment dropped to a five-year low to 7.7%. Healthy economic activity report pushed the euro to a 20-month high against dollar and record high against yen. Mining stocks led the advance in the UK and airline stocks rose in the region on Alitalia planning to sell controlling stake.
123jump.com Staff
01 Dec, 2006
New York City
Twin deficits of budget and trade deficits are finally dragging the dollar to a record low against world currencies. softening economy and slowing manufacturing and construction activites only added to the latest slide. The U.S. likely to report record annual trade deficit of more than $800 billion and current account deficit of higher than 5.8% of GDP in the year 2006. Lower dollar pushed stocks lower in the mid-day trading.
123jump.com Staff
01 Dec, 2006
New York City
Private banks, auto stocks and a surge in Reliance Industries helped the rally on the market. The smooth rollover of November derivatives and the better-than-expected GDP also aided the positive mood in the market. The market-breadth today was strong with a notable uptrend for small-cap and mid-cap shares. Ranbaxy Laboratories, Bajaj Auto and Tata Motors led the rally. Hindalco led the decliners, TCS, and Gujarat Ambuja fell sharply. Inflation surged to 5.45%, a 18-month high.
123jump.com Staff
01 Dec, 2006
New York City
Market averages turned negative on construction and manufacturing repots. October construction activity fell 1% led by 1.9% decline in home building activities. Manufacturing survey reported slowing construction on automakers halting production to cut inventory. On these reports, Nasdaq lost 1% and S&p 500 and Dow lost 0.4%. Home builders, construcion materials and equipmment companies lost between 1% and 3%. Dollar is trading higher against yen but lower against euro. European markets are up.
Ivaylo
01 Dec, 2006
New York City
Mining stocks were strong after gold broke through resistance at $640. Also, Goldman Sachs gave Xstrata a helping hand as it kept its buy advice on the shares and lifted its price target. The broker also raised its price targets on Anglo American, BHP Billiton and Rio Tinto, thus aiding the market. Morgan Stanley has repeated its overweight advice on power supplier International Power and hiked its price target. The FTSE 100 advanced 31.7 points or 0.5% in mid-morning exchanges.
123jump.com Staff
01 Dec, 2001
New York City
Manufacturing survey from ISM, dollar trading in international markets and metals and oil prices are likely to dominate trading sentiment in the morning hours. Japan inflation dropped to 0.1% on lower oil lifting dollar against yen. Dollar is trading flat against yen but is lower against euro. Auto sales report in the aternoon is expected to show steady improvement in domestic auto sales. GM, AMD, BHP and Apple are leaading gainers in pre-market trading.
Ivaylo
01 Dec, 2006
New York City
In Japan, sentiment was upbeat as that the core consumer price index rose 0.1% in October from a year earlier, marking a fifth-straight month of gains. In Hong Kong, shares declined, weighed down by losses by China Mobile and property issues. The Shanghai Composite Index edged up on the strength of the yuan. Taiwan shares rose slightly to reach a new six-year high on strength in construction and land issues. Australian share market dropped, with finance stocks under pressure.
